Overview
What is Mississippi Insurance Guaranty Association Foundation?
The Mississippi Insurance Guaranty Association Foundation is a nonprofit entity established under Mississippi law in 1970. Its primary role is to ensure prompt payment of covered claims under certain insurance policies, preventing excessive delays and financial losses for claimants or policyholders due to an insurer's insolvency. The organization mandates membership for all insurers writing direct insurance, excluding specific types, as a condition for conducting business in Mississippi. It assesses each member insurer based on their previous year's net direct written premiums, with a cap of 1% for any given year. Any recoveries from insolvent insurers are returned to member insurers proportionately. The foundation's mission is to manage property-casualty insolvencies professionally and timely, discharging association duties in accordance with governing statutes and operating provisions.
Official website here: www.ms-miga.com
Is Mississippi Insurance Guaranty Association Foundation legitimate?
Mississippi Insurance Guaranty Association Foundation is a legitimate nonprofit organization registered as a 501(c)(6) entity. Mississippi Insurance Guaranty Association Foundation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
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Official website here: www.ms-miga.com
What is the mission statement of Mississippi Insurance Guaranty Association Foundation?
The Mississippi Insurance Guaranty Association Foundation's mission is to manage property-casualty insolvencies in a professional and timely manner. This is achieved by fulfilling its association duties in accordance with governing statutes and the plan of operating provisions. The purpose of this organization is to ensure the payment of covered claims under certain insurance policies, preventing excessive delay and financial loss to claimants or policyholders due to an insurer's insolvency. The association is authorized under Mississippi law and requires all insurers, except for specific types, to be members as a condition of conducting insurance business in Mississippi. The association has the power to assess insurers for necessary funds to pay claims and other expenses. The assessment for each member insurer is proportionate to their direct written premiums for the previous calendar year.
Official website here: www.ms-miga.com
Who is the CEO of Mississippi Insurance Guaranty Association Foundation?
Arthur Russell is the Vice Chairman/Executive Co of Mississippi Insurance Guaranty Association Foundation.
Official website here: www.ms-miga.com
What is the revenue of Mississippi Insurance Guaranty Association Foundation?
Mississippi Insurance Guaranty Association Foundation's revenue in 2022 was $4,863,584.
Official website here: www.ms-miga.com
Who are the executives of Mississippi Insurance Guaranty Association Foundation and what are their salaries?
There are 7 employees at Mississippi Insurance Guaranty Association Foundation.
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Official website here: www.ms-miga.com
Where can I find the form 990 for Mississippi Insurance Guaranty Association Foundation?
Mississippi Insurance Guaranty Association Foundation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.ms-miga.com
Learn more at the official website: www.ms-miga.com
Mission Statement of Mississippi Insurance Guaranty Association Foundation
The Mississippi Insurance Guaranty Association Foundation, a non-profit entity established under Mississippi law in 1970, is dedicated to managing property-casualty insolvencies in a professional and timely manner. This organization fulfills its association duties in accordance with governing statutes and the plan of operating provisions, ensuring that policyholders and claimants avoid excessive delay in payment and financial loss due to the insolvency of an insurer. The association operates under the authority granted by law, requiring all direct insurance writers, excluding life, title, surety, disability, credit, mortgage guarantee, and ocean marine insurance, to be members as a condition of conducting business in Mississippi. The Mississippi Insurance Guaranty Association Foundation has the power to assess insurers necessary amounts to cover claims and other association expenses, distributing these assessments proportionately among member insurers based on their direct written premiums. Any recoveries from the receivers or liquidators of insolvent insurers are refunded to the member insurers in proportion to their contributions to the association.
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Impact
October, 2024
The Mississippi Insurance Guaranty Association Foundation plays a crucial role in ensuring the financial stability of the state's insurance landscape. By managing property-casualty insolvencies, it serves as a safety net for policyholders facing claims from bankrupt insurers. This organization operates in accordance with governing statutes to facilitate the timely payment of covered claims, protecting claimants from excessive delays and potential financial losses.
With a mandate to include all insurers writing direct insurance—excluding life, title, surety, disability, credit, mortgage guaranty, and ocean marine categories—the foundation reinforces the accountability and reliability of member insurers. By assessing these insurers based on their prior year’s premiums, the association can gather the necessary funds to address claims and related expenses, thus promoting a sense of shared responsibility among the insurance providers.
Furthermore, the foundation's operations contribute to consumer confidence in the insurance market. Knowing that there’s a mechanism in place to cover claims, policyholders can rest assured that their interests are safeguarded, even in the event of an insurer's insolvency. Through its mission-focused work, the Mississippi Insurance Guaranty Association Foundation effectively mitigates the risks associated with the insurance industry, fostering a stable environment for both businesses and individual policyholders.
This information is meant to be a general summary of Mississippi Insurance Guaranty Association Foundation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $2,554,741
- Gross Receipts: $22,727,230
Assets and Liabilities:
- Total Assets: $109,515,379
- Total Liabilities: $81,020,457
- Net Assets: $28,494,922
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Organization Details
Founding Year
1970
Phone
(601) 957-0072Principal Officer
Arthur Russell
Main Address
713 SOUTH PEAR ORCHARD RD 200, RIDGELAND, MS, 39157
Website
www.ms-miga.comNTEE Category
Code: Y20 - Mutual benefit
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